Melbourne recorded a strong clearance rate of 76 percent on Saturday, up from the previous week’s 74 percent. The auction market continues to do well despite the low volume of listings.
The total scheduled auctions during the weekend was 760, still up from last weekend’s 704 while the confirmed results was 616. The number of properties sold was 511 490 with 126 being passed in. Total sales amounted to more than $381,958,000 while the median price in the area was pegged at $910,000.
Real estate agents confirm the increasing buyer confidence in Melbourne’s housing market. They added sellers are returning to the market. They also cited the increased asking prices, higher median prices and increased buyer interest as major factors in the market’s turnaround.
Domain economist Trent Wiltshire said auction volumes this year will not be able to surpass the figures from the previous years’ spring markets but they are picking up.
During the spring selling season, more sellers are expected to be place their properties on the market. Home buyers should continue to be actively participation in auctions what with the low interest rates and relaxed lending policies.
On the other hand, family homes continue to be the most sought after property during auctions while investors are the most active buyers in recent months.
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By Wendy Chamberlain
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With a passion for all things real estate spanning over 20 years, Wendy loves that her role as a Buyers Agent and Sellers Advocate gives her buying and selling clients an experienced voice they can trust when it comes to negotiating to buy or sell something as important as their home or investment. Wendy considers it a privilege to be asked to help others realise such an important goal as home ownership and to be trusted with that honour. Get in touch today via www.wendychamberlain.com.au for a no obligation chat about how Wendy can work with you and help you save time and money to secure your new home sooner.